Correlation Between Apple and Calamos Opportunistic

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Can any of the company-specific risk be diversified away by investing in both Apple and Calamos Opportunistic at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Apple and Calamos Opportunistic into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Apple Inc and Calamos Opportunistic Value, you can compare the effects of market volatilities on Apple and Calamos Opportunistic and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Apple with a short position of Calamos Opportunistic. Check out your portfolio center. Please also check ongoing floating volatility patterns of Apple and Calamos Opportunistic.

Diversification Opportunities for Apple and Calamos Opportunistic

-0.74
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between Apple and Calamos is -0.74. Overlapping area represents the amount of risk that can be diversified away by holding Apple Inc and CALAMOS OPPORTUNISTIC VALUE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calamos Opportunistic and Apple is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Apple Inc are associated (or correlated) with Calamos Opportunistic. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calamos Opportunistic has no effect on the direction of Apple i.e., Apple and Calamos Opportunistic go up and down completely randomly.

Pair Corralation between Apple and Calamos Opportunistic

Given the investment horizon of 90 days Apple Inc is expected to under-perform the Calamos Opportunistic. In addition to that, Apple is 2.42 times more volatile than Calamos Opportunistic Value. It trades about -0.15 of its total potential returns per unit of risk. Calamos Opportunistic Value is currently generating about 0.13 per unit of volatility. If you would invest  1,984  in Calamos Opportunistic Value on December 29, 2023 and sell it today you would earn a total of  35.00  from holding Calamos Opportunistic Value or generate 1.76% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthWeak
Accuracy100.0%
ValuesDaily Returns

Apple Inc  vs.  CALAMOS OPPORTUNISTIC VALUE

 Performance 
       Timeline  
Apple Inc 

Risk-Adjusted Performance

0 of 100

 
Low
 
High
Very Weak
Over the last 90 days Apple Inc has generated negative risk-adjusted returns adding no value to investors with long positions. Despite latest unfluctuating performance, the Stock's basic indicators remain persistent and the latest mess on Wall Street may also be a sign of long-standing gains for the company institutional investors.
Calamos Opportunistic 

Risk-Adjusted Performance

16 of 100

 
Low
 
High
Solid
Compared to the overall equity markets, risk-adjusted returns on investments in Calamos Opportunistic Value are ranked lower than 16 (%) of all funds and portfolios of funds over the last 90 days. In spite of fairly weak basic indicators, Calamos Opportunistic may actually be approaching a critical reversion point that can send shares even higher in April 2024.

Apple and Calamos Opportunistic Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Apple and Calamos Opportunistic

The main advantage of trading using opposite Apple and Calamos Opportunistic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Apple position performs unexpectedly, Calamos Opportunistic can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Calamos Opportunistic will offset losses from the drop in Calamos Opportunistic's long position.
The idea behind Apple Inc and Calamos Opportunistic Value pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
Check out your portfolio center.
Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.

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